Moove has raised $250 million in Series C funding at a $2.1 billion valuation as it expands from vehicle financing and ride-hailing into autonomous vehicle fleet operations. Mubadala Investment Company led the round, with Woven Capital and Ion Pacific as co-leads.
The company plans to use the funding to scale its autonomous mobility business, hire about 350 people and develop automated depots for robotaxi fleets. Moove still operates a large human-driven mobility business, with about 42,000 vehicles across 14 countries and roughly 3,300 employees.
Moove Builds on Fleet Management Experience
Founded in Nigeria in 2020 and now headquartered in Dubai, Moove began by financing vehicles for gig-economy drivers. It later expanded into operating ride-hailing and delivery fleets.
Co-founder and co-CEO Ladi Delano said that experience helped the company identify a gap in the autonomous vehicle market. While AV developers build self-driving technology and platforms such as Uber connect riders with vehicles, fleet ownership, maintenance, charging and cleaning still need to be handled by an operator.
Moove began pursuing autonomous vehicle partnerships in 2023. Its first major agreement came with Waymo, which selected Moove to manage fleet operations, facilities and charging infrastructure. Waymo has publicly identified Moove as one of its US fleet partners.
Waymo Partnership Expands Across Cities
Moove currently supports Waymo operations in Phoenix, Miami and Las Vegas, with London also planned. Waymo first announced the partnership in 2024 for Phoenix and Miami, and later named Moove as its fleet operations partner for its planned London service.
Moove does not currently own the Waymo vehicles it manages, but Delano said the company plans to use debt financing to purchase robotaxis in the future. He also said Moove already owns autonomous vehicles from another developer, although he did not identify the company.
Its longer-term goal is to own and operate hundreds of thousands of autonomous vehicles.
Automated Depots Are Part of the Plan
Part of the new funding will go toward specialised autonomous vehicle depots that Moove calls “nests.” The company wants these facilities to operate around the clock and eventually use robotics to automate tasks such as charging, maintenance and servicing.
Moove has around 15 depots in various stages of development. The company has not provided a timeline for when fully automated facilities will become operational.
The Series C also included investments from BlueCrest Capital Management, Sona Asset Management, Raptor Group, BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst and the Ontario Power Generation Pension Plan.
Delano said Moove’s existing mobility business is expected to become fully profitable this year. The company is now positioning autonomous fleet management as its next major source of growth as robotaxi services expand into more cities.
Featured image credits: Moove
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